§ 1. In a case falling within paragraph (b) of subsection (3) of section (Taxation of mineral royalties) of this Act, that is to say in a case where betterment levy was chargeable under Case B on the last disposition affecting the mineral lease or agreement concerned and giving rise to an assessment to betterment levy, the relevant fraction referred to in subsection (1)(b) of that section is:—
§ B/2C
§ where—
§ B is the base value realised by that disposition, and
§ C is the amount of the consideration for the disposition.
§ 2. Expressions used in paragraph 1 above have the same meanings in that paragraph as they have for the purposes of assessing betterment levy under Case B within the meaning of Part III of the Land Commission Act 1967.